Disclaimer: This is sponsored content. All opinions and views are of the advertiser and does not necessarily reflect the same of KGTV/10News.com.
"Bad Credit Loans Guaranteed Approval" is the most common phrase you will hear when you start looking for a loan.
If you have bad credit, it means that some event or series of events has caused your financial situation to go south at some point. But what makes a lender "guaranteed approval" is their willingness to work with you and help you get back on track.
A survey by Experian has shown that over 20% of Americans across all ages and generations have bad or poor credit, which is why many people are looking for bad credit loans with guaranteed approval. The truth is that there are many bad credit loans guaranteed approval lenders out there, but not all of them will offer you the best deal.
To help you find the right lender for your needs, we have compiled this list of our top picks for bad credit loans with guaranteed approval.
Best Online Loans For Bad Credit Instant Approval In 2023
- MoneyMutual - Overall Best Bad Credit Loans Guaranteed Approval
- BadCreditLoans - Best Loans For Bad Credit Instant Approval
- RadCred - Get Online Loans With Flexible Repayment Options
- CashUSA- Best Loan Lender For Instant Cash & Fast Loans
- Money-Wise - Best Guaranteed Loans For People With Bad Credit Scores
- PersonalLoans- Best For Personal Loans With No Credit Check (Upto $35,000)
#1. MoneyMutual - Overall Best Bad Credit Loans Guaranteed Approval
Money Mutual is a financial brand that specializes in personal loans. The company offers a variety of loan options, including small-dollar and bad credit loans, as well as installment loans.
Money Mutual also provides online tools to help customers manage their finances and make better financial decisions.
Money Mutual was founded by people who understand what it's like to struggle with debt and want to help others in the same situation.
The goal of Money Mutual is to provide access to credit for people who need it most—those who have struggled with credit problems and bad credit history.
Money Mutual offers personal loans from $200 up to $5,000. The company can provide loans with terms ranging from three to 36 months, depending on the type of personal loan lenders that you need. If you're looking for a longer-term loan, Money Mutual may be able to help you!
The company offers different types of personal loans, including installment and bad credit loans. These loans are available at fixed rates over time, including short-term loans and longer-term plans based on your needs and preferences.
Features
Simple Application Process
Money Mutual is a great option for those seeking a quick and easy online application process. With their simple online applications, you can get approved in no time. It takes less than 10 minutes to complete their online application, which is straightforward to follow.
Unlike other lenders who might keep you waiting for days or weeks, Money Mutual is quick to respond. Once they receive all the information they need from you, they'll review it and let you know if you're approved for a loan within minutes of submitting your application online.
So, why wait? Apply for a loan with Money Mutual today and get the cash you need in no time!
Extensive Lender Network
Money Mutual boasts an extensive lender network, which is one of its most attractive features. With over 2,500 lenders across the country, they can provide you with the best service possible. The lenders in their network have an impressive approval rate of over 95% of their applications within 24 hours of application.
This means that your application will be processed quickly because the company doesn't have to find a lender in your area or wait for approval from one particular lender. Overall, Money Mutual's extensive lender network is a major advantage for anyone looking to get funded fast.
Flexible APR
Money Mutual's flexible APR is based on your creditworthiness, with rates ranging from 8% to 30% depending on your FICO score. If your credit score is on the lower end, then you can expect a higher APR.
On the other hand, if your credit score is higher, then you'll enjoy a lower APR. To determine your eligibility, the company considers both VantageScore and FICO scores.
No Hidden Fees or Charges
In addition to its flexible repayment terms, Money Mutual offers no hidden fees or charges. The company will not charge any additional fees in connection with the loan or during the repayment period.
The company also provides easy-to-understand information about its services and policies. This helps customers make informed decisions about their loans before applying for one.
Pros
- The loan process is 100% Confidential
- Approval is fast and quick
- Requires no collateral and guarantor
- No fees charged
Cons
- It is only available to US citizens
⇒ Visit the Official Website of MoneyMutual
#2 BadCreditLoans - Best Loans for Bad Credit Instant Approval
BadCreditLoans is one of the leading online lenders that cater to people with bad credit. They offer a wide range of services for all kinds of financial needs. The company provides a clear and easy-to-understand approach that allows any borrower to get the best loan at the lowest rate.
BadCreditLoans was established in 1998, and since then, it has been helping thousands of people by providing them with loans that have helped them overcome their financial problems.
The company believes that every borrower deserves an opportunity to have a second chance at life, and they are doing everything possible to make sure that happens.
The company has a wide network of partners who work with them to provide services nationwide and abroad.
Their main goal is to ensure that borrowers get access to high-quality loans regardless of their credit score or background information, such as bankruptcy or foreclosure history, late payments, defaulted student loans, etc.
Features
Extended Lender Network
BadCreditLoans has an extended lender network that offers access to a wide range of lenders. This means that even if you have a bad credit history, you can still apply for a loan. The site accepts all forms of credit applications and sends them to the best-suited lender for approval.
By doing this, BadCreditLoans connects consumers with multiple lenders in its network who are willing to offer loans regardless of their credit history or missed payments. If traditional banks have turned you down, don't worry. BadCreditLoans will help you find an alternative lender to approve your loan request.
Service is 100% Free
BadCreditLoans provides a free service that connects people with legitimate lenders who offer bad credit loans for those with poor or no credit history.
The company isn't a direct lender, which means that they don't charge any fees for their services or ask for any payment from users.
In other words, you can use their site to find lenders without worrying about being asked to pay anything. This means that the service is 100% free, and you can use it without any hesitation or concern.
Complete the Entire Loan Process in 3 Simple Steps
The brand allows customers to get their finances back on track with its fast and easy online application process. The team can help you find the right loan for your needs and provide the best possible rates.
You can complete the entire loan process in 3 simple steps:
- Apply Online - Its simple application takes just minutes to complete!
- Receive Your Approval Email - You will receive an email as soon as they have reviewed your information and determined whether or not you qualify for a loan.
- Get Your Funds - Once approved, they will transfer your funds directly into your bank account within 24 hours!
24/7 Service
BadCreditLoans provides 24/7 service, allowing you to apply anytime you want and get your loan approved within a few minutes after it is submitted online.
You don’t need to wait until the next day or two just because you applied on a weekend or holiday. Your loan can be approved anytime and anywhere with their 24/7 service availability.
Privacy and Security Focused
The brand is committed to protecting the privacy of our customers. All information provided by you will be kept confidential.
If you provide them with personal information, they will keep it private and use it only for the purposes you have permitted them.
The site uses 128-bit Secure Socket Layer (SSL) technology to protect your information as it travels over the internet. SSL is a method of scrambling data so that it cannot be deciphered by anyone other than the intended recipient. Any information sent between your computer and the servers is encrypted.
When you send sensitive personal information such as your credit card or social security number, they use industry-standard encryption technologies like Secure Sockets Layer (SSL) to protect that information as it travels over the internet.
Pros
- Complete the application process at your time on your terms
- Receive loan within 24 hours
- Offers credit repair and other credit-related services
- Security-focussed
Cons
- Approval may take a while
⇒ Visit the Official Website of BadCreditLoans
#3. RadCred - Get Online Loans with Flexible Repayment Options
RadCred is a brand of bad credit loans that caters to consumers with poor credit scores, founded recently. The company guarantees approval for all applicants, no matter how bad their credit scores are.
The company offers loans of up to $500,000 at varying interest rates starting at 6%. Different loan amounts and packages are available depending on your needs, but they all require a steady income and no outstanding debt.
RadCred's mission is simple: they want to give everyone access to loans regardless of their credit score or personal history.
RadCred provides unsecured personal loans between $1,000 and $5,000 to consumers denied by other lenders due to poor credit. RadCred's website features a simple application process that can be completed online—no paperwork required!
RadCred's loans are designed to be flexible and convenient for borrowers with poor credit histories. These loans come with variable interest rates starting at 6% APR (Annual Percentage Rate) and no prepayment penalties. RadCred also offers payment options, including ACH transfer or debit card payments at no additional charge!
Features
Flexible Loans and Loan Terms
They offer a variety of loan options to choose from, including fixed-term and variable-term loans, each with fixed or variable rates.
But don't worry if you're not sure which option is right for you. RadCred's customer care team is always ready to help guide you through the decision-making process.
So, you can rest assured that you'll find the perfect loan option that meets your financial needs and budget.
Numerous Loan Offerings
RadCred offers a variety of loan options, including:
- Auto Loans: From $5,000 to $50,000, RadCred can help finance a new or used vehicle. They also offer auto refinancing.
- Home Improvement: RadCred can help finance home improvements like roofing and siding. They also offer home equity loans and lines of credit.
- Medical Bills: RadCred will help you pay your medical bills with its loans for medical expenses.
- Credit Cards: If you have trouble paying off your credit cards and other unsecured debts, RadCred can help you consolidate your high-interest-rate debts into one low fixed-rate balance.
Encrypted Interface
RadCred uses an encrypted interface to ensure hackers do not access your personal information. This ensures that your information remains safe and secure at all times.
24/7 Support
RadCred has a team of experienced customer service professionals who are available 24/7 to answer your questions and provide assistance if needed.
You can reach them by phone or email anytime you need help or have questions about your account or loan application status.
Pros
- Transparent terms and conditions
- Multiple repayment options
- Borrower protection
- The quick and easy application process
- No credit check
Cons
- People with bad credit may get a higher APR
⇒ Visit the Official Website of RadCred
#4. CashUSA - Best Loan Lender for Instant Cash & Fast Loans
CashUSAis a direct lender that operates in all 50 states. The company was founded in 1997 and has grown to become one of the leading bad credit lenders in the United States. It employs more than 1,700 people and has more than 1,000 branches across the country.
The company offers loans for up to $15,000, but there are also options for borrowers who need smaller amounts of money.
CashUSA offers no minimum loan amount, so you can borrow as little as $100 if you want to. The maximum loan amount that you can borrow is determined by your state law or city or county laws if you live somewhere other than within a state.
CashUSA does not charge any fees for its services unless you choose to pay off your loan late. If this happens, there will be a fee for doing so, but it will only cost 2% of what you borrowed, so it's not too expensive!
Features
Fast Loan Approval Process
CashUSA provides a hassle-free loan approval process that is quick and secure. The application can be completed entirely online in under five minutes, saving you time and effort.
During the process, you will be required to provide information about your income, employment, and credit history.
However, don't worry because the process is straightforward to follow. Once approved for a loan, you can expect to receive the loan funds either on or before the next business day, providing you with a fast and efficient solution to your financial needs.
Customer-Friendly Website
CashUSA is all about making life easier for its customers, and that starts with its user-friendly website. The company is dedicated to providing fast and convenient service, and its website has been designed with this goal in mind.
When you visit the CashUSA website, you'll find a simple and intuitive interface that is easy to navigate. No more wasting hours trying to figure out where to find the information you need!
With CashUSA, completing your application is quick and effortless. You'll be able to breeze through the process and get back to your day in no time.
Safety & Security
CashUSA has been in business since 1997, so they have years of experience providing financial services to people with poor credit scores or no credit history.
They are committed to protecting their customers' information and privacy by using state-of-the-art encryption technology for added data security.
All transactions are processed securely through their website, so you don't need to fax or mail any documents when applying for a loan from CashUSA.
Flexible Repayment Terms
The Flexible Repayment Terms is one of the features of CashUSA. This feature lets you pay your loan in full or on your terms.
You can pay off your loan at any time and in any amount as long as you have enough money to cover it.
This is a great feature because it allows you to budget your payments and set aside money for bills, groceries, etc.
Pros
- Offers loans up to $10,000
- Always available customer support team
- APR between 6% and 36%
- Fast and convenient loan requests
Cons
- Must meet certain non-credit requirements
⇒ Visit the Official Website of CashUSA
#5. Money-Wise - Best Guaranteed Loans for People with Bad Credit Score
Money-Wise is a brand that you can trust. They are a very professional company with a lot of experience in the field. They have worked with hundreds of clients and helped them get the loans they needed.
Money-Wise has a team of experts who work with you to get you approved for your loan. They will help you find the right loan for your needs and ensure that everything goes smoothly from start to finish.
Money-Wise always works hard to ensure that every client gets exactly what they need regarding their loan.
The company has been around for years, and they have become one of the most trusted names in the industry today because of its dedication to customer service and satisfaction.
They have an A+ rating with the Better Business Bureau and a large network of lenders eager to lend money to people with bad credit.
Features
Easy & Fast Loan Approval Process
Money-Wise offers fast loan approvals and funding in as little as 24 hours. All you need to do is complete an online application and provide basic information about yourself and your financial situation.
You can also call the company's customer support team if you have questions or need more help with the application process.
Multiple Loan Offerings
Money-Wise offers a wide range of loan options with flexible payment terms. They can offer loan amounts ranging from $200 to $5,000, with up to 36 months of repayment periods.
The most popular option is its installment loans, allowing you to make regular monthly payments while keeping your finances in order. In addition, they offer several other loan offerings available if you need more flexibility or urgently need funds.
No Credit History Required
Money-Wise offers an opportunity for applicants who have had trouble with their credit history to get approved for loans. Unlike traditional loans that require a good credit score, Money-Wise doesn't emphasize the applicant's credit history.
Its lenders are more interested in whether or not the applicant can repay the loan. So, even if you've been turned down by banks before, Money-Wise gives you a chance to get the financial assistance you need.
Informative Blog
The blog on the Money-Wise website provides information about various topics related to personal finance and debt management. Topics include articles about finding a good credit card and tips for reducing debt.
24/7 Customer Service
To keep its clients happy and satisfied, Money-Wise has a customer support team available 24*7 for any queries or complaints.
The team includes experts from different fields who can guide you with the best possible solution for your issues. Just send an email, and someone will get back to you within the hour.
Pros
- Flexible APR rates
- Offers up to $10,000
- Multiple loan offerings
- Scam alert blogs
Cons
- It may take a while to find lenders for people with extremely poor credit
⇒ Visit the Official Website of Money-Wise
#6. PersonalLoans - Best for Personal Loans with No Credit Checks (Up to $35,000)
PersonalLoans is a company that offers loans to people with bad credit. They have various products and programs designed to help you get the money you need, even if your credit could be better.
They offer loans from $200 to $35,000, with terms ranging from 6 months to 36 months. PersonalLoans offers fixed and variable rates, depending on your needs and preferences.
The application process is simple and quick, and no hidden fees or costs are associated with getting approved for a loan.
PersonalLoans works with multiple lenders vetted by PersonalLoans themselves before they can be used on their websites.
This vetting ensures that every lender has been vetted by an expert in the field of lending and has proven their ability to offer flexible terms while maintaining reasonable interest rates.
Features
No Hidden Fees or Charges
When it comes to borrowing money, transparency is key, and that's exactly what you get with PersonalLoans. The application process is quick and straightforward, and the best part is there are no hidden fees or charges involved. This makes PersonalLoans one of the most cost-effective ways to borrow money.
With an easy online application, you can apply for a loan without any hassle and get approved within minutes, if not hours. So, if you need some quick cash, PersonalLoans might just be the solution you've been looking for.
Extended Loan Network
Looking for a personal loan but worried your bad credit might get in the way? No worries, the Extended Loan Network at PersonalLoans has got your back! They offer a wide range of lenders that specialize in helping people with a bad credit history or those who need an established credit score.
And the best part? These lenders offer flexible repayment periods and competitive interest rates so that you can save money on your loan. Plus, the professionals at PersonalLoans are well-versed in the different types of loans available to consumers like you, and they can help you find the perfect loan to fit your needs and budget.
Offers Other Credit-Related Products
In addition to its primary loan offerings, PersonalLoans provides a variety of other credit-related products and services to assist you in managing your finances. The company offers various loan types, such as personal loans, credit cards, and mortgage products, which can help you secure financing for a wide range of needs.
Moreover, PersonalLoans offers credit monitoring services that provide alerts about any changes in your credit score, enabling you to stay informed and take prompt action to protect your creditworthiness. And, for those looking to repair, build, or obtain relief from credit-related issues, the company also offers credit repair, building, and relief services.
With its diverse range of financial products and services, PersonalLoans can be a valuable partner in helping you achieve your financial goals and stay on top of your credit.
Pros
- Loans ranging from $250 to $35,000
- Service is free to use
- High approval rate
- Competitive rates at the site
Cons
- Requirements may be rigid
⇒ Visit the Official Website of Personal Loans
Loan Guide - Finding the Best Bad Credit Loans with No Credit Check in 2023
A bad credit loan is designed to help people with poor credit scores get mortgages and other loans. The lender will typically charge higher interest rates and fees than they would to someone with a good credit score.
But plenty of lenders are fine with offering bad credit loans to people who need them. And there are options available even if you're self-employed or have had a bankruptcy in the past.
Here's how to find the best bad credit loan for you:
Compare APRs
TheAPR is the annual percentage rate, and it's what you're paying for your loan. The higher the APR, the more expensive your loan will be.
Your APR will be based on your credit score, so if you have a low or bad credit score, expect to pay more. If you have a good credit score and can get a loan with an APR of around 3%, that's great! But if you have a bad credit score, you'll likely be looking at an APR of over 20%.
When comparing loans to find the best bad credit loans in 2023, look at the APR and other fees like the origination fee, fees, application, and late payment fees.
Check Loan Fees
Loan fees or loan funds are the fees that you pay to get a loan. They can be a percentage of the amount you borrow, or they can be a flat fee. Loan fees can include:
Application fee: This is a one-time fee you pay when applying for a loan. It's usually between $25 and $50.
Origination fee: Lenders charge an ongoing origination fee just to process your application and close the loan. It's typically less than 1% of the amount financed.
Discount points: These are upfront payments made when getting a mortgage to reduce your interest rate and/or get better terms on your loan (such as lower monthly payments). Discount points cost from one end (0.01%) to four points (0.04%) of your loan amount.
How do you find out how much the fees are? The best way to do this is to look at each lender's rates and terms and conditions. You can also ask questions about fees if you need clarification on what they are or what they might cost you.
Some lenders will include all fees upfront, while others will only provide them after approval and before processing begins. If any fees are outside your application, ensure you understand exactly what they are and why they're necessary before signing anything!
Verify Brand Reputation
The first step in finding the best bad credit loans is to verify the brand's reputation. You can do this by checking the company's social media presence and looking for any negative reviews of its business practices.
If you find any, make sure to read through them thoroughly before deciding whether or not to work with them.
If you are still waiting to see negative reviews, look into whether or not the company has been featured in any news articles or press releases that discuss its service offerings. If they haven't, something fishy may happen behind closed doors.
A good way to verify a brand's reputation is to check its reviews on sites like the Better Business Bureau or Trustpilot.
Additionally, make sure that the lender is licensed. If your state's Department of Banking does not license them, they could be fraudulent or untrustworthy.
Once you've verified the company's reputation, it will be time to move on and start looking at other factors, such as rates and terms of repayment.
Research Funding and Repayment Terms
Finding the best bad credit loans in 2023 is easier than you think. There are several factors to consider before making a bad credit personal loan call, including whether the bad credit loan rates used will be for a short or long period and how much interest you will have to pay on the loan.
Bad credit borrowers should research their funding options before applying for a loan. This includes checking whether any fees are associated with taking out the loan, whether there is an annual percentage rate (APR) attached to the loan, and what type of repayment terms are included in the contract.
Many lenders offer bad credit loans that do not require collateral from borrowers. However, having assets such as property or cars that could be used as collateral can lower your interest rate or increase your chances of securing financing.
Ensure Check Eligibility
Loan eligibility requirements vary by lender, but there are a few common factors that you'll need to demonstrate to be eligible for a bad credit loan.
First, you must show that you're employed and can provide proof of income from your most recent paycheck stubs. You'll also need to prove that you have an active bank account where the funds can be deposited and withdrawn.
Before applying for a loan, ensuring you have enough income to pay off the loan is important. The lender must see proof of your income, such as a paycheck stub ortax return. If you're self-employed or don't receive a regular paycheck, you'll need to provide other sources of income, such as bank statements and invoices.
The lender will also want to see proof of your identity and residence. This could include utility bills, credit card statements, and copies of government-issued identification cards like driver's licenses or passports.
Finally, the lender will want to know about any assets you own that could be used as collateral for the loan (such as real estate).
If you don't own any assets that could be used as collateral for an unsecured loan but have good credit scores and steady employment history (and therefore qualify for unsecured loans), this shouldn't be an issue. However, checking before applying is always good practice so there are no surprises later!
Once you've reviewed the eligibility requirements, you can apply for a loan from one of the above lenders.
Bad Credit Loans with Guaranteed Approval - What is it?
Bad credit loans are a great way to get back on your feet.
But bad credit loans with fair credit and guaranteed approval? That's the best!
Because of how they're structured, bad credit loans with guaranteed approval allow you to take out a loan even if you have a low credit score or no credit history. This is because these types of loans are based on something other than your ability to pay them back (like traditional loans) but your ability to afford them.
So what does this mean for you? If you've had some financial setbacks and need some help getting back on track but can't get approved for other types of loans because of your poor credit report and history, then this is something to consider.
Do Bad Credit Loans with Guaranteed Approval Ensure you Will Get a Loan?
The short answer is yes. Guaranteed loans are designed by many lenders, to be just that—guarantees that you will get the loan you need.
But there's more to it than that. The reason why guaranteed loans exist is that there are people out there who are finding it difficult to get approved for a loan because of their credit history.
When a lender can't tell your credit score, they have yet to learn how risky it would be for them to lend you money. This makes it difficult for people with a bad credit scores to get approved by traditional lenders who do not offer unsecured loans.
Guaranteed loans exist because they can help fill this market gap and ensure that those who need unsecured loans can get one easily without worrying about whether their credit history will be held against them.
If you're looking for a way around bad credit problems, guaranteed loans are what you need!
How Fast do Bad Credit Loans Enter your Bank Account?
Bad credit loans are a way to get money quickly, with the added benefit of not worrying about how much you'll pay back.
But how long does it take for your bad credit loan to be approved? Before we answer that question, let's look at what happens when you apply for a loan with bad credit.
The first step is to fill out an online application for your loan. You may need to provide some personal information about yourself and your financial situation, including how much money you want to borrow and why you need it, as well as your contact information.
The next thing that happens is that someone from the lender reviews your application and decides whether or not they want to offer you a loan based on what they see in your application.
If they decide to offer you a loan, they will send the money directly into your personal bank account within 24 hours or less. If they wait to approve it, they will contact you by phone or email and let them know why they aren't willing to give them any money yet (or ever).
Do Direct Lenders for Bad Credit Loans Offer Loans with No Credit Check?
You may wonder if direct lenders offer no credit check loans if you have bad credit. The answer is yes!
Some lenders offer bad credit loans without credit checks. Direct lender no credit check loans are a great way to get the cash you need when other lenders have denied you.
With these loans, no credit checks are involved, and many lenders can give you money without looking at your credit history (although some lenders will run a soft inquiry on your credit report).
Bad credit direct lenders offer a wide range of loan options and repayment terms so you can find the right solution for your needs.
Bad credit direct lender loans are often more affordable than other types of loans because they don't require fees upfront or high-interest rates.
Types of Bad Credit Loans You Can Get When Borrowing
Bad credit loans are designed to help people with difficulty managing their finances. They can be an invaluable resource in helping you get out of debt, but they can also be a source of stress if you need to learn how to manage them.
Here are some of the most common types of bad credit loans:
Payday Loans
Payday loans are one type of bad credit loan you can get when borrowing. These short-term loans are typically repaid within a few weeks or months. The lender will give you the money to pay bills, make purchases, or meet other expenses until you receive your next paycheck.
They’re called payday loans because they give borrowers access to funds on the same day they apply, typically after receiving their paycheck from work.
While this might seem like an easy fix for any financial problems you may have right now, it’s important to understand how much these loans will cost before taking out one so that you know exactly what kind of financial situation you’re getting into before signing up for one!
Personal Installment Loans
Personal installment loans are loans that are paid back over time, usually in either monthly payments or installments. These loans can be used for anything from paying off debt to buying a car or home, and they're available through most banks and credit unions.
The interest rate on these loans is higher than other types of loans because they require you to pay back your loan in regular installments rather than all at once.
Depending on how much money you borrow and how long it takes to pay it back, this can be a good option if you need more money than a payday loan but want to avoid taking out a mortgage or other type of loan with high-interest rates.
Traditional Secured Loans
Traditional secured loans are the most common way to get a bad credit loan. The lender will require collateral, such as a car or home, and they will take possession of it if you don't repay your loan. If you repay the secured loan amount, you'll get your property back.
Secured loans are a good option for people who have assets that they can use as collateral for their loans. They're also great for people who need money quickly because they don't have to wait for approval from the lender.
This is a good option if you're looking for a quick, hassle-free, secured loan. Your credit score matters less with a secured loan because all your assets are at stake.
Car Title Loans
Car title loans are a type of loan where you use your car as collateral. It's like taking out a loan on your car, but instead of making payments to a bank or credit union, you repay the loan directly to the lender who gave you the money.
This is a good option if you need fast cash but need more money to cover the full cost of what you want. It's also a great option if you cannot get approved for a traditional loan through a bank or credit union but still need help paying for something big like an emergency repair or an unexpected expense.
Remember that this kind of loan isn't available everywhere—you'll need to check with your local lender to see if they offer this service and then make sure they can accommodate your specific needs and requirements (like how much money) you need).
Pawn Shop Loans
Pawn shop loans are one of the most common bad credit loans. They are also known as collateral loans or secured loans, and their name comes from the fact that the borrower is using an item as collateral for the loan.
The items used as collateral can vary from jewelry to electronics to tools, and they can be sold at a pawn shop if the borrower does not repay them.
Some people choose pawn shop loans because they have no other option, but others do so because these types of loans have lower interest rates than other types of bad credit loans.
The interest rate on pawn shop loans is typically around 30%. However, they often come with higher fees than other bad credit loans, making them more expensive overall.
Loans from a Cash Advance App
If your minimum credit score is too low to qualify for other forms of financing, an online cash advance app might be the answer. With these services, you can apply online and get approval within minutes.
The approval process is fast because these companies don't check your credit score—they just look at your income, expenses, and banking history. You can then receive your funds within 24 hours or less!
The downside? You'll have to pay interest on your loan amount and any fees associated with using the service (such as late fees). However, if you need quick access to money and want to avoid taking out a personal loan from a bank or credit union, this could be a good option for you!
Peer-to-Peer Loans
Peer-to-peer loans are a type of unsecured loan that you can get from a person or company that is willing to lend money to you. These loans are typically used for personal expenses but can be used for any purpose.
The main difference between peer-to-peer and other loans is that no banks are involved in the lending process. Instead, individuals or companies make money by using loan proceeds and charging borrowers interest on the money they borrow.
The best part about peer-to-peer loans is that you can get them even with bad credit. This means that if you need money quickly but want to avoid paying high-interest rates on a traditional loan, this might be an option worth considering.
However, remember that these loans do not guarantee approval and may come with higher fees than other unsecured loans like payday, cash advances, or personal loans (although some lenders offer no fees).
Loans from Family and Friends
Loans from family and friends are one of the most common types of bad credit loans. These loans are available to you if you can provide a personal guarantee so that if you default, your friend or family member is responsible for paying it back.
These loans can be a good way to get access to cash quickly, but they come with many risks. If you don't repay the loan on time, your friend or family member may become angry and resentful. If this happens, it could be difficult to ask them for help again.
In addition, if your friend or family member has given you a personal guarantee on their assets to secure your loan, they could experience financial difficulty if you default on your payments.
Who is Eligible for Online Loans for Bad Credit
The eligibility criteria for a bad credit personal loan is the same as for other types of loans. The most important factor is your income and employment status.
Individuals with a regular income can apply for bad credit personal loans from several sources, including banks, finance companies, and credit unions.
If you’re in the process of applying for bankruptcy or if you have been discharged from bankruptcy within the last few years, then most lenders will not consider your application.
Here are some things to keep in mind when applying:
- You must be at least 18 years old (21 in some cases)
- You must be a U.S. citizen or permanent resident with anSSN (Social Security Number) issued by theSocial Security Administration
- You must be employed and earning at least $1000 per month
- You must have proof of income – i.e., pay stubs orW-2 forms showing earnings over the past three months
FAQs Related to Bad Credit Loans
Q1. Is It Easy to Get a Loan with Bad Credit?
Getting a loan can be difficult if you have bad credit, but it is possible. The key is to work with a lender that will help you get the best deal possible. You want to avoid dealing with a company that just wants your money and does not care about your situation.
Q2. Which Bad Credit Loan Companies are Worth Dealing With?
The best way to find out which bad credit loan companies are worth dealing with is to check our reviews of online lenders. You can also use our guide to pick a good lender!
Q3. Are Loans from a Fast Cash Advance App and Payday Loans The Same?
No, they're not the same. A fast cash advance app is a loan you get through an app on your phone and pay back over time. Payday loans are short-term loans from a bank or other lender, and you must pay them back quickly.
Final Thoughts
Although several types of loans are in the market, choosing the best in this situation can take time and effort. To get a trustworthy loan company and the loan amount you deserve, conducting sa lot of research beforehand is necessary. The most important thing you should remember while making this decision is that nowadays, money lenders are also available online.
For instance, you can find websites offering bad credit personal loans with guaranteed approval.
In addition, these loans come with lower interest rates than other types of loans since they cater to people with less-than-perfect credit scores.
Hopefully, the information we have provided will prove useful when looking for bad credit loans. Many of the best ones can be quite difficult to qualify for, but with the brands on our list, you should be able to find something. Happy hunting!
